Berkshire Bank Trims Stock Holdings in BlackRock, Inc. (NYSE:BLK)

Berkshire Bank lowered its stake in shares of BlackRock, Inc. (NYSE:BLK) by 2.6% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 4,609 shares of the asset manager’s stock after selling 121 shares during the period. BlackRock comprises about 1.1% of Berkshire Bank’s portfolio, making the stock its 23rd largest holding. Berkshire Bank’s holdings in BlackRock were worth $4,362,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Legacy Capital Group California Inc. increased its holdings in BlackRock by 2.8% in the fourth quarter. Legacy Capital Group California Inc. now owns 368 shares of the asset manager’s stock valued at $377,000 after buying an additional 10 shares in the last quarter. Mascoma Wealth Management LLC grew its position in shares of BlackRock by 9.5% in the fourth quarter. Mascoma Wealth Management LLC now owns 127 shares of the asset manager’s stock valued at $130,000 after purchasing an additional 11 shares during the last quarter. Hazlett Burt & Watson Inc. grew its position in shares of BlackRock by 2.1% in the fourth quarter. Hazlett Burt & Watson Inc. now owns 534 shares of the asset manager’s stock valued at $542,000 after purchasing an additional 11 shares during the last quarter. Annis Gardner Whiting Capital Advisors LLC grew its position in shares of BlackRock by 4.5% in the fourth quarter. Annis Gardner Whiting Capital Advisors LLC now owns 257 shares of the asset manager’s stock valued at $263,000 after purchasing an additional 11 shares during the last quarter. Finally, Convergence Financial LLC grew its position in shares of BlackRock by 1.6% in the fourth quarter. Convergence Financial LLC now owns 783 shares of the asset manager’s stock valued at $802,000 after purchasing an additional 12 shares during the last quarter. Hedge funds and other institutional investors own 80.69% of the company’s stock.

BlackRock Stock Up 1.0%

Shares of BLK opened at $981.36 on Tuesday. The firm has a market cap of $152.04 billion, a PE ratio of 23.37, a price-to-earnings-growth ratio of 1.90 and a beta of 1.41. The company’s fifty day moving average is $941.17 and its two-hundred day moving average is $971.08. BlackRock, Inc. has a fifty-two week low of $766.05 and a fifty-two week high of $1,084.22. The company has a quick ratio of 5.23, a current ratio of 5.23 and a debt-to-equity ratio of 0.45.

BlackRock (NYSE:BLK) last announced its quarterly earnings results on Friday, April 11th. The asset manager reported $11.30 earnings per share for the quarter, beating analysts’ consensus estimates of $10.84 by $0.46. The company had revenue of $5.28 billion for the quarter, compared to analyst estimates of $5.47 billion. BlackRock had a net margin of 31.21% and a return on equity of 16.32%. BlackRock’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter last year, the business earned $9.81 EPS. Analysts forecast that BlackRock, Inc. will post 47.41 earnings per share for the current year.

BlackRock Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Thursday, June 5th will be issued a $5.21 dividend. The ex-dividend date is Thursday, June 5th. This represents a $20.84 dividend on an annualized basis and a dividend yield of 2.12%. BlackRock’s dividend payout ratio (DPR) is presently 50.63%.

Analysts Set New Price Targets

Several research firms have recently commented on BLK. Wall Street Zen upgraded shares of BlackRock to a “hold” rating in a research report on Saturday, May 24th. Barclays increased their price target on shares of BlackRock from $950.00 to $990.00 and gave the company an “overweight” rating in a research report on Monday, April 14th. Wells Fargo & Company increased their price target on shares of BlackRock from $1,035.00 to $1,105.00 and gave the company an “overweight” rating in a research report on Wednesday, June 4th. Morgan Stanley decreased their target price on shares of BlackRock from $1,275.00 to $1,124.00 and set an “overweight” rating on the stock in a research report on Monday, April 7th. Finally, JPMorgan Chase & Co. decreased their target price on shares of BlackRock from $1,046.00 to $988.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $1,082.46.

Insider Buying and Selling at BlackRock

In related news, Director J. Richard Kushel sold 2,000 shares of BlackRock stock in a transaction on Monday, April 21st. The shares were sold at an average price of $852.01, for a total transaction of $1,704,020.00. Following the transaction, the director now owns 66,034 shares in the company, valued at approximately $56,261,628.34. The trade was a 2.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.98% of the stock is owned by company insiders.

About BlackRock

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.